It is argued that certain industries should be protected from foreign competition because they are needed to secure the United States from foreign aggression. This argument is called the __________ argument
A) saving domestic-jobs
B) low foreign wages
C) foreign export subsidies
D) national defense
D
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In the figure above, suppose the market is at equilibrium. Then area A is the
A) marginal benefit. B) marginal cost. C) amount of the consumer surplus. D) amount of the producer surplus. E) deadweight loss.
A unit tax of $1 has been levied on a good. The equilibrium price of the good will most likely
A) increase by $1. B) remain unchanged. C) decrease by $1. D) increase by an amount less than $1.
A limitation one faces when shopping for clothes is the amount of time available to shop
a. True b. False Indicate whether the statement is true or false
In order to determine ____________, the firm's total costs must be divided by the quantity of its output.
a) average cost b) fixed costs c) diminishing marginal returns d) variable cost